The shares of Paras Defense and Space Technologies were in high demand when selling outstanding shares via the initial public offering (IPO). Paras Defense and Space Technologies’ IPO was underwritten 40 times until 4:48 p.m. on the second day of the issue. Paras Defense received 28.84 crore offers against 71.41 lakh shares on the offer. A total of 18.35 auction crore was received at the closing price. Retail investors have seen a large number of auctions for Paras Defense shares, with the portion reserved for them having been subscribed 36 times, according to data from the National Stock Exchange.
The portion reserved for non-institutional investors was subscribed 10.5 times and the portion reserved for qualified institutional buyers (QIB) was subscribed 16 percent.
Paras Defense valued its shares in the range of Rs 165 to 175 per share during the IPO which will end on September 23. A retail investor can place bids on Paras Defense shares in a lot of 85 shares up to a maximum of 13 lots. In the upper price bracket, a batch of Paras Defense shares will cost Rs 14,875.
The company will use the proceeds of the IPO to purchase machinery and equipment, finance additional working capital requirements and for general corporate purposes.
Mumbai-based Paras Defense and Space Technologies, which is primarily engaged in the design, development, manufacture and testing of a variety of defense and space engineering products, plans to increase by 170.78 crore rupees during the IPO which consists of a new issue of Rs 140.60 crore and an offer to sell of Rs 30.18 crore.
Anand Rathi Securities is the lead manager of the IPO while Link Intime India Private Limited is the registrar of the issue.